Berkeley Research Group LLC has agreed to acquire Chicago-based Prism Healthcare Partners, creating one of the nation’s largest health care performance improvement consulting firms. The new organization will focus on helping health care providers improve financial and operating performance, manage consolidation and deliver high-quality, cost-effective care.
The transaction is targeted to close in early June, subject to the completion of due diligence and documentation. Both companies are privately held. Financial terms were not disclosed.
The combined practice will have the scale and competencies to serve any size client, and the ability to provide complete solutions across all areas of operations, strategy and business analytics. Although the largest share of clients is in the acute care space, the entire health care provider market will be served. The merged practice will be actively recruiting experienced consultants as it continues to grow.
“We are coming together to help health care providers take on today's complex challenges, including continued high costs, operational inefficiencies, demand for quality performance, new competition, market consolidation and falling margins — all with the primary goal of enhancing patient care,” Paul Osborne, managing director of BRG's Healthcare Performance Improvement group, said in a statement.
Osborne will lead the merged division with Mukesh Gangwal, Prism’s president and CEO.
BRG and Prism have similar business models. They both focus on long-term client relationships and deploy an agile approach that involves boots on the ground within a day or two of first contact with a client to deliver rapid results — increasingly important at a time when health systems are struggling with costs, reimbursement and operating margins. Collectively, BRG and Prism have helped health systems implement billions of dollars in financial improvement.